KLCI rises 1.38% on 1H18 window dressing, led by Tenaga

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KUALA LUMPUR (June 29): The FBM KLCI rose 1.38% at mid-morning today on 1H18 window-dressing activities, led by gains in Tenaga Nasional Bhd.

At 10am, the FBM KLCI rose 23.28 points to 1,688.96.

The gainers led losers by 324 to 168, while 230 counters traded unchanged. Volume was 490.02 million shares valued at RM316.44 million.

The gainers included Tenaga, Aeon Credit Service (M) Bhd, Top Glove Corp Bhd, Heineken Malaysia Bhd, LPI Capital Bhd, Supermax Corp Bhd, Maxis Bhd, PMB Technology Bhd, DiGi.Com Bhd and Hartalega Holdings Bhd.

The actives included Barakah Offshore Petroleum Bhd, Icon Offshore Bhd, V.S. Industry Bhd, Sapura Energy Bhd and Advance Synergy Bhd.

The decliners included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Kuala Lumpur Kepong Bhd, Chin Teck Plantations Bhd, Rapid Synergy Bhd and Datasonic Group Bhd.

Asian shares remained near nine-month lows on Friday despite small gains on Wall Street overnight, as ongoing concerns over global trade frictions dampened sentiment, though a move to ease foreign investment curbs in China could boost markets there, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat, Australian shares were 0.1% higher, while Japan's Nikkei stock index was down 0.2%, it said.

Hong Leong IB Research in a traders' brief said in the US, stocks remain volatile with the prolonged trade concerns between US and its trading partners.

"Should there be any further negative developments on trade policies by the White House, it may dampen the market sentiment globally. Hence, the Dow may remain on a sideways consolidation phase over the near term.

"Tracking the positive performance on overnight Wall Street, we may anticipate bargain shopping to emerge on Malaysia's stock market as most of the stocks are oversold, coupled with the final trading day of window dressing for 1H18," it said.